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"Because blockchains like Bitcoin fundamentally rely on cryptography, it's existential for them." Project Eleven CEO Alex Pruden on the Google and Caltech quantum papers: "Everything's on the line here. We have to solve it for chains like Bitcoin to have a future."

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The Google and Caltech quantum papers demonstrated 2 breakthroughs: that Bitcoin cryptography is much easier to break than previously thought, and that far fewer logical qubits may be necessary for physical qubits. Project Eleven CEO Alex Pruden explains: "These two papers are not necessarily about a quantum computer that's bigger or more capable. They're about what it takes to break cryptography." "So what changed? One of the things that changed was that physicists and quantum cryptographers that looked at this problem for a long time studied an algorithm called RSA — an older cryptographic algorithm." "But that's not what really any blockchains use, because RSA keys are very large. It turns out, and this was one of the key upshots of the Google paper, that if you focus on the cryptography used by Bitcoin, Ethereum, and other networks, it's actually way easier to break than they thought it was, compared to RSA." "The other big breakthrough, and this is from the Caltech paper: Quantum computers are very fragile, generally. So to be useful, they need to have what's called error correction applied. And that can result in a lot of overhead. You need to have tons of physical qubits to get to one logical qubit." "This Caltech paper basically showed, 'Hey, we have some new ideas for error correction. And it turns out if we apply those, we don't need hundreds or thousands of physical qubits, maybe we just need a handful to make one logical cubit.'" "The headline of their paper is 'You may only need 10,000 physical qubits to run Shor's algorithm.' And by the way, they demonstrated 6,000 last year."
2:02

The Google and Caltech quantum papers demonstrated 2 breakthroughs: that Bitcoin cryptography is much easier to break than previously thought, and that far fewer logical qubits may be necessary for physical qubits. Project Eleven CEO Alex Pruden explains: "These two papers are not necessarily about a quantum computer that's bigger or more capable. They're about what it takes to break cryptography." "So what changed? One of the things that changed was that physicists and quantum cryptographers that looked at this problem for a long time studied an algorithm called RSA — an older cryptographic algorithm." "But that's not what really any blockchains use, because RSA keys are very large. It turns out, and this was one of the key upshots of the Google paper, that if you focus on the cryptography used by Bitcoin, Ethereum, and other networks, it's actually way easier to break than they thought it was, compared to RSA." "The other big breakthrough, and this is from the Caltech paper: Quantum computers are very fragile, generally. So to be useful, they need to have what's called error correction applied. And that can result in a lot of overhead. You need to have tons of physical qubits to get to one logical qubit." "This Caltech paper basically showed, 'Hey, we have some new ideas for error correction. And it turns out if we apply those, we don't need hundreds or thousands of physical qubits, maybe we just need a handful to make one logical cubit.'" "The headline of their paper is 'You may only need 10,000 physical qubits to run Shor's algorithm.' And by the way, they demonstrated 6,000 last year."

TBPN

16,396 Aufrufe • vor 2 Monaten

Breaking: Google just released a report dramatically reducing the requirements for a quantum computer to break Bitcoin's cryptography. The timeline for preparedness is now 2029. I sat down with nic carter & Alex Pruden from Project Eleven on The Aubservation with Aubrey Strobel to break it all down. Enjoy.
1:00:30

Breaking: Google just released a report dramatically reducing the requirements for a quantum computer to break Bitcoin's cryptography. The timeline for preparedness is now 2029. I sat down with nic carter & Alex Pruden from Project Eleven on The Aubservation with Aubrey Strobel to break it all down. Enjoy.

Aubrey Strobel

122,923 Aufrufe • vor 2 Monaten

"Bitcoin has no undo, it's a bearer asset. Bitcoin's reliance on cryptography is another level, because it's bearer and final." Adam Back on why Bitcoin and traditional finance are fundamentally different, and why quantum readiness doesn't need to happen overnight.
0:31

"Bitcoin has no undo, it's a bearer asset. Bitcoin's reliance on cryptography is another level, because it's bearer and final." Adam Back on why Bitcoin and traditional finance are fundamentally different, and why quantum readiness doesn't need to happen overnight.

Blockstream

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CEO of Project Eleven, Alex Pruden (Alex Pruden) on quantum attacks: "If I have a quantum computer right now, it probably is to my advantage to not reveal that I have it...I don't think there's going to be a bright, flashing countdown in the sky. One day, we're going to get past a point of no return and we're not going to realize it. And only then will people say, 'we weren't panicked before, but we sure as hell are panicked now.'"
2:45

CEO of Project Eleven, Alex Pruden (Alex Pruden) on quantum attacks: "If I have a quantum computer right now, it probably is to my advantage to not reveal that I have it...I don't think there's going to be a bright, flashing countdown in the sky. One day, we're going to get past a point of no return and we're not going to realize it. And only then will people say, 'we weren't panicked before, but we sure as hell are panicked now.'"

Aubrey Strobel

13,614 Aufrufe • vor 2 Monaten

🔥 CEO OF KMM FINANCIAL SAYS BITCOIN TO GO BACK OVER $100K "This is Bitcoin. It's very common and usual to have these type of pullbacks, but you have to have the stomach for it." Spot on. Enjoy the dips while we have them. 🎁
0:48

🔥 CEO OF KMM FINANCIAL SAYS BITCOIN TO GO BACK OVER $100K "This is Bitcoin. It's very common and usual to have these type of pullbacks, but you have to have the stomach for it." Spot on. Enjoy the dips while we have them. 🎁

CryptosRus

27,592 Aufrufe • vor 5 Monaten

Project Eleven CEO Alex Pruden says China may be 6-12 months behind the US in quantum computing at most: "[China has] made quantum computing a priority. What that means in China is — there used to be a lab at Tencent, Baidu, and a few other places. And at some point, a CCP official came in and said, 'Guess what, you guys all work for us now, you're all working together, and you're not allowed to talk about it anymore." "There's a legitimate question about how far back they are. The best estimates that we have — we have a quantum physicist who's an advisor to Project Eleven that tracks resource estimates across the world, and their view is that China may be 6-12 months behind at most." "Can we expect the CCP, which is maybe more willing to crush dissent in places like Hong Kong, to care as much about the philosophical principles of Bitcoin and decentralization if it serves their purposes to do otherwise? I don't think we can." "It's better to be safe than sorry. We need to prepare today to prevent the crisis tomorrow."
1:55

Project Eleven CEO Alex Pruden says China may be 6-12 months behind the US in quantum computing at most: "[China has] made quantum computing a priority. What that means in China is — there used to be a lab at Tencent, Baidu, and a few other places. And at some point, a CCP official came in and said, 'Guess what, you guys all work for us now, you're all working together, and you're not allowed to talk about it anymore." "There's a legitimate question about how far back they are. The best estimates that we have — we have a quantum physicist who's an advisor to Project Eleven that tracks resource estimates across the world, and their view is that China may be 6-12 months behind at most." "Can we expect the CCP, which is maybe more willing to crush dissent in places like Hong Kong, to care as much about the philosophical principles of Bitcoin and decentralization if it serves their purposes to do otherwise? I don't think we can." "It's better to be safe than sorry. We need to prepare today to prevent the crisis tomorrow."

TBPN

17,623 Aufrufe • vor 2 Monaten

Ray Dalio about Bitcoin: "I have a small percentage of Bitcoin I've had forever, like 1% of my portfolio. I've said the same thing over and over again about Bitcoin. I think the problem of Bitcoin is it's not going to be a reserve currency for major countries because it can be tracked and it could be conceivably with quantum computing controlled, hacked, and so on and so forth."
0:25

Ray Dalio about Bitcoin: "I have a small percentage of Bitcoin I've had forever, like 1% of my portfolio. I've said the same thing over and over again about Bitcoin. I think the problem of Bitcoin is it's not going to be a reserve currency for major countries because it can be tracked and it could be conceivably with quantum computing controlled, hacked, and so on and so forth."

*Walter Bloomberg

1,957,832 Aufrufe • vor 7 Monaten

We asked David Marcus (Co-Founder & CEO Lightspark) about the future of stablecoins and crypto. "Do you want something centralized like current payment systems, or like the Internet which is open, permissionless, for developers worldwide?" "I'm in the latter camp and I want to make sure that we have an open money grid built on Bitcoin." "Digital banks are adopting our new open standard, Universal Money Address, like email for money." "Send any currency anytime, even on weekends or bank holidays."
1:33

We asked David Marcus (Co-Founder & CEO Lightspark) about the future of stablecoins and crypto. "Do you want something centralized like current payment systems, or like the Internet which is open, permissionless, for developers worldwide?" "I'm in the latter camp and I want to make sure that we have an open money grid built on Bitcoin." "Digital banks are adopting our new open standard, Universal Money Address, like email for money." "Send any currency anytime, even on weekends or bank holidays."

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Project Eleven CEO (Alex Pruden) reveals Zcash is not quantum resistant like Bitcoin: "A lot of this ZEC in circulation is not in a shielded pool, it's just public." "And the problem there is, taking advantage of those assumptions means not only can you potentially steal coins, but you can actually mint money and do so in a way that's totally undetectable."
1:30

Project Eleven CEO (Alex Pruden) reveals Zcash is not quantum resistant like Bitcoin: "A lot of this ZEC in circulation is not in a shielded pool, it's just public." "And the problem there is, taking advantage of those assumptions means not only can you potentially steal coins, but you can actually mint money and do so in a way that's totally undetectable."

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Stanford cryptographer Dan Boneh: “It's insane to say that Bitcoin will not solve the quantum problem... of course Bitcoin will survive it and of course Bitcoin will solve it.”
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Stanford cryptographer Dan Boneh: “It's insane to say that Bitcoin will not solve the quantum problem... of course Bitcoin will survive it and of course Bitcoin will solve it.”

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82,185 Aufrufe • vor 1 Monat

VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”
1:00

VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”

Arjun Khemani

568,617 Aufrufe • vor 7 Monaten

“Bitcoin is a Death Cult” Charles Hoskinson is calling on the $BTC community: you have to hard fork to upgrade for quantum. Do it right!!!
2:07

“Bitcoin is a Death Cult” Charles Hoskinson is calling on the $BTC community: you have to hard fork to upgrade for quantum. Do it right!!!

Jungle Inc | Markets & Future Systems

19,519 Aufrufe • vor 2 Monaten

JORDI VISSER: “I’m soo sick of the ‘Quantum is gonna break Bitcoin’ thing, and this will be the year that ends forever… because agent(ai) swarms are going to break the ridiculous security that banks have.” “Once that happens every single bank will have to move to cryptography. They’re gonna have to go to more security… Bitcoin is a better security place.” “Spot Bitcoin for people rather than the ETF will become important… Because then you’re even more secure against Quantum.”
1:42

JORDI VISSER: “I’m soo sick of the ‘Quantum is gonna break Bitcoin’ thing, and this will be the year that ends forever… because agent(ai) swarms are going to break the ridiculous security that banks have.” “Once that happens every single bank will have to move to cryptography. They’re gonna have to go to more security… Bitcoin is a better security place.” “Spot Bitcoin for people rather than the ETF will become important… Because then you’re even more secure against Quantum.”

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"They'll fire the devs and put in new devs." nic carter on what happens if Bitcoin developers don't address quantum risk. The uncomfortable truth: BlackRock and institutions like it already have enough leverage to reshape Bitcoin governance.

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"I think a lot of the innovation happens first on other chains. Then if it's going to scale, the Bitcoiner's will figure out how to do it on Bitcoin" - Michael Terpin Michael Turpin, Founder of BitAngels, Transform Ventures, and advisor to the Bitcoin L2 , talks about how he believes experimentation happens on other chains before, if it works, converging back to Bitcoin. The ZK-enabled Bitcoin Economy is here 🟠

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0:50

We asked rahul about the global reach of ChatGPT and the emphasis on personality in AI models. "When you want to get to the one to like the remaining 90% of the users, do you want a model that thinks for longer? You want more personality?" "They definitely leaned in on personality, which I think is interesting." "It's kind of different than a (social media) feed in some ways because you have this person you talk to. It's like a relationship and then it just switches up on how it talks to you."

TBPN

89,226 Aufrufe • vor 10 Monaten

BITCOIN RAILS #61: QUANTUM CRYPTOGRAPHY FOR BITCOIN | with Dan Boneh Dan Boneh 🔗 YOUTUBE: 🌿 SPOTIFY: One of the most prolific and influential cryptographers in the world, it’s difficult to fully quantify the impact that Dan Boneh has had on Bitcoin and digital assets more broadly. Through both his own research and his mentorship of some of the space’s most important contributors — e.g. Andrew Poelstra, Benedikt Bünz ☕️, and Robin Linus — few people have done more to shape the cryptographic foundations underlying modern blockchains and digital finance. More recently, Dan co-authored Google's widely discussed paper, “Securing Elliptic Curve Cryptocurrencies against Quantum Vulnerabilities,” which reduced prior estimates of the resources required to run Shor’s algorithm against the elliptic-curve cryptography used by Bitcoin. The paper reignited debate around quantum computing timelines and the long-term security assumptions behind modern cryptocurrencies. In this episode of Bitcoin Rails, Dan and I discuss the current state of quantum computing, its potential implications for Bitcoin, and how he believes the Bitcoin community should think about preparing for a post-quantum future over the coming decade and beyond. And yes, Dan shares his take on the “when quantum” question in the interview, among other key perspectives. This episode of Bitcoin Rails is brought to you by my NEW sponsors: LayerTwo Labs LayerTwo Labs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on Sui — a primitive for executing Bitcoin Defi transactions, without having to trust a federated bridge or other centralized entity BitBox BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount TIMESTAMPS: 00:00 — Intro and Dan’s history with cryptography and Bitcoin 11:44 — Shor's algorithm: how a 1994 paper became cryptography's most important threat 16:39 — Building a quantum computer: superconducting qubits vs neutral atoms 25:37 — When should we start worrying about quantum computers? The timeline debate 31:51 — Have we already reached quantum computing's “ahá” moment? 39:09 — Inside the Google paper: how Shor's algorithm was optimized 49:57 — The Bitcoin mempool attack and the 10-minute window 59:21 — Mitigation: what should Bitcoin do to prepare for quantum? 1:11:54 — Hash-based vs lattice-based signatures: Dan's case for lattice 1:23:15 — ZK proofs, BIP361, and what to do with Satoshi's coins 1:31:52 — Encrypted mempools and MEV 1:38:29 — Why Bitcoin will survive quantum and Dan's message to Bitcoin builders
1:44:02

BITCOIN RAILS #61: QUANTUM CRYPTOGRAPHY FOR BITCOIN | with Dan Boneh Dan Boneh 🔗 YOUTUBE: 🌿 SPOTIFY: One of the most prolific and influential cryptographers in the world, it’s difficult to fully quantify the impact that Dan Boneh has had on Bitcoin and digital assets more broadly. Through both his own research and his mentorship of some of the space’s most important contributors — e.g. Andrew Poelstra, Benedikt Bünz ☕️, and Robin Linus — few people have done more to shape the cryptographic foundations underlying modern blockchains and digital finance. More recently, Dan co-authored Google's widely discussed paper, “Securing Elliptic Curve Cryptocurrencies against Quantum Vulnerabilities,” which reduced prior estimates of the resources required to run Shor’s algorithm against the elliptic-curve cryptography used by Bitcoin. The paper reignited debate around quantum computing timelines and the long-term security assumptions behind modern cryptocurrencies. In this episode of Bitcoin Rails, Dan and I discuss the current state of quantum computing, its potential implications for Bitcoin, and how he believes the Bitcoin community should think about preparing for a post-quantum future over the coming decade and beyond. And yes, Dan shares his take on the “when quantum” question in the interview, among other key perspectives. This episode of Bitcoin Rails is brought to you by my NEW sponsors: LayerTwo Labs LayerTwo Labs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on Sui — a primitive for executing Bitcoin Defi transactions, without having to trust a federated bridge or other centralized entity BitBox BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount TIMESTAMPS: 00:00 — Intro and Dan’s history with cryptography and Bitcoin 11:44 — Shor's algorithm: how a 1994 paper became cryptography's most important threat 16:39 — Building a quantum computer: superconducting qubits vs neutral atoms 25:37 — When should we start worrying about quantum computers? The timeline debate 31:51 — Have we already reached quantum computing's “ahá” moment? 39:09 — Inside the Google paper: how Shor's algorithm was optimized 49:57 — The Bitcoin mempool attack and the 10-minute window 59:21 — Mitigation: what should Bitcoin do to prepare for quantum? 1:11:54 — Hash-based vs lattice-based signatures: Dan's case for lattice 1:23:15 — ZK proofs, BIP361, and what to do with Satoshi's coins 1:31:52 — Encrypted mempools and MEV 1:38:29 — Why Bitcoin will survive quantum and Dan's message to Bitcoin builders

Isabel Foxen Duke⚡️

111,836 Aufrufe • vor 1 Monat

“Bitcoin wasn't built to be in rooms like this, to be in media like this, to have ceremonies like this, yet it's here.” Twenty One just made history on NYSE as the first true bitcoin-native public company. Hear what Jack Mallers has to say about the bitcoin ecosystem on Floor Talk with Ashley Mastronardi. $XXI 📺 Watch full interview here: ➡️ Follow NYSE 🏛 for more
0:31

“Bitcoin wasn't built to be in rooms like this, to be in media like this, to have ceremonies like this, yet it's here.” Twenty One just made history on NYSE as the first true bitcoin-native public company. Hear what Jack Mallers has to say about the bitcoin ecosystem on Floor Talk with Ashley Mastronardi. $XXI 📺 Watch full interview here: ➡️ Follow NYSE 🏛 for more

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32,946 Aufrufe • vor 6 Monaten

"We had this philosophy when we started Circle that over the long run—the marginal cost of storing and moving value would go to zero, and that the business model of charging fees for payments would collapse." — Circle CEO Jeremy Allaire - jerallaire.arc "You don't get charged for your WhatsApp audio call." "We just announced something called Circle Nano Payments. It's a module for agents to be able to have a stored balance of digital dollars—tokenized dollars—and be able to transact them to different wallets on different blockchains." "We've gotten it to the point where we can actually have transactions priced at one-millionth of a penny per transaction."
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"We had this philosophy when we started Circle that over the long run—the marginal cost of storing and moving value would go to zero, and that the business model of charging fees for payments would collapse." — Circle CEO Jeremy Allaire - jerallaire.arc "You don't get charged for your WhatsApp audio call." "We just announced something called Circle Nano Payments. It's a module for agents to be able to have a stored balance of digital dollars—tokenized dollars—and be able to transact them to different wallets on different blockchains." "We've gotten it to the point where we can actually have transactions priced at one-millionth of a penny per transaction."

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Palantir CEO Alex Karp on Continental Europe treating AI like a "witchcraft dance": "We have no time for it." "We have no time or energy for the 'waste-of-time machine.'"

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